Market infrastructure recognition requires robust governance, secure systems, risk controls, investor protection, and resilient trading, clearing, and depository operations.

Recognition applicants must be companies limited by shares, demutualised, fit and proper, and compliant with ownership, governance, net-worth, capability and infrastructure requirements. Stock exchanges require electronic trading, real-time surveillance, member regulation, investor grievance and arbitration mechanisms, information dissemination, and business-continuity systems. Clearing corporations require timely settlement infrastructure, risk management, settlement guarantees, connectivity, real-time controls and dispute-resolution arrangements. Depositories must maintain secure communications and data systems, controlled access, operational procedures, offsite backups and insurance-backed indemnification for beneficial-owner losses.

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